Shaoxuan Li

School of Accounting, Anhui University of Finance and Economics

Abstract：

Driven by the digitalization trend and the national water security strategy, the water industry is undergoing a profound transformation from heavy-asset expansion to asset-light operations. This study takes Beijing Enterprises Water Group Limited (BEWG) as a case study and focuses on its asset-light transformation path. Using a single-case analysis method and combining the Smiling Curve Theory with the Division of Labor Theory, it explores how digital transformation enables enterprises to upgrade to asset-light operations. The study finds that BEWG has achieved a significant reduction in capital expenditures, optimized cash flow structures, and made multiple technological breakthroughs in patents by implementing a three-platform strategy of "asset management + operation services + technology development," with IoT, big data, and AI technologies at its core. Its "cloud-chain-terminal" model not only resolves its own heavy-asset dependency issues but also provides standardized digital solutions for SMEs in the industry, creating a virtuous cycle of "platform empowerment—ecological collaboration—value co-creation." This study enriches the theory of asset-light transformation in the environmental protection and water sector, offering a replicable practical model for similar enterprises to optimize resource allocation and reduce operational risks. It holds significant reference value for promoting high-quality and sustainable development in the water industry.

Key Words：

digitalization; asset-light transformation; sustainable development